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Mumbai:
In an all-cash US $ 29.9 million deal, Infosys Technologies
Ltd has signed an agreement to acquire the Australian
IT major, Expert Information Services Pty Limited. Subsequent
to the acquisition coming into effect in January 2003,
the company will be renamed Infosys Technologies (Australia)
Pty Ltd.
The
Australian IT company has a base of 400 IT professionals
on its roster and is a leading IT solutions supplier to
the government, finance, telecom and retail sectors. Expert
Information Services specialises in designing, building
and integration of IT solutions and products. Its revenues
in the financial year ended June 30, 2003, was US $ 34.6
million with an after tax net profit of US $ 5.2 million.
According
to an industry analyst, the deal is expected to enable
the Indian company to wear a local face while bidding
for Australian contracts and thus pre-empt any anti job
loss backlash.
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